Modernizing An Auto Refi Platform


iLending Phoenix App

iLendingDirect is an award-winning automotive financial solutions company that provides automotive refinancing to consumers in markets nationwide. Through strategic partnerships with credit unions, banks, and other financial institutions across the country, iLendingDirect offers competitive interest rates on auto loans and creative financing and refinancing solutions to thousands of consumers each year.

Tech Stack & Solutions

Azure Cloud
Event Store
Service Bus Architecture
Modernize an existing loan app process
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Create an efficient UX and boost performance
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Redefine the “Lead-To-Loan” process with automation
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Stronger security and huge gains in workflow efficiency
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High Stakes Market with Complex Processes

In 2017, iLendingDirect launched a project to modernize its loan application process, aiming to enhance features, user experience, performance, and cost-efficiency. Initially partnering with a third-party developer for a web application, they encountered significant issues, including delays, budget constraints, feature gaps, and performance challenges. Seeking a solution, they engaged TechFabric to evaluate the existing work and collaborate with their internal team to reimagine and improve the project to meet its original goals while allowing for ongoing enhancements.
Key Areas To Remedy:
Lead Ingest & Loan Officer Assignment
Rate Sheet Management
Stipulation Document Management
Customer Relation Management (CRM)
Loan Origination API Performance
Manual Entry Error & Poor Agent On-Boarding

Re-Imagine iLending’s “Phoenix” Application

Our strategy involved accommodating the continually evolving workflow at iLending and empowering their call center agents to seamlessly convert leads into loans. At the core of this approach was the Auto Refi system, also known as the Phoenix App, which incorporated a range of innovative features. Notably, we integrated a real-time web-based chat functionally using Twillo, facilitating enhanced communication and engagement.
Additionally, TechFabric assisted in further enhancing the application by recommending the use of an Event Store, a functional database, and a service bus architecture design. These enhancements were strategically implemented to optimize the Lead to Loan process, ultimately improving efficiency and success in iLending's operations.
Fixing The “Old” Manual Process:
  1. Incoming Lead
  2. Agent Manual Workflow:
  1. Reference Rate Sheets
  2. Fill Out Templated PDFs
  3. Email & SMS Text Communication
4. Manage Data in Excel
5. Process Refi Deal & Loan Docs

Improving The Lead-To-Loan Process For Agents

The data (leads) received from various sources are imported into the Auto Refi Platform using REST APIs. TechFabric helped in the successful migration of highly secure data from on-premises (SQL Server database) to Azure Cloud database and set up CI/CD for code management using VSTS.
The original process required agents to manually enter information from the CRM to request once the information was available, they then had to update it in the CRM manually. Agents also had to create PDF documents from templates and manage external data (outside the CRM) in Excel files. Managers were also tracking & managing reports in Excel outside of the CRM. Automating the system would significantly accelerate the approval process while reducing the risk inherent in all manual processes.
Solution - Growth

Scalability From Onboarding New Lenders

Loan and vehicle refinancing volume relies on the number of lenders in the system. Teaming up with TechFabric, we developed an integrated application that streamlines onboarding by connecting to various third-party systems. This single system empowers agents to manage the entire financial approval process efficiently. Its scalability ensures seamless integration with numerous third parties, enabling iLendingDirect's rapid expansion. Our ongoing partnership with TechFabric ensures the continuous development of new features to meet evolving market demands.
Allows the application to scale up with business needs
No-SQL Database
Reduces risk of performance issues due to large volume
Solution - Key Factors

Making The Best Refi Match

To automate this process, TechFabric implemented a rules-based auto-response, driven by lender and rate. TechFabric needed to deliver to the AutoApprove loan consultants the criteria and information from the lender ecosystem that represented the best financing solutions for the customer that would reduce their payment or interest rate or both.
iLendingDirect was able to enforce the company's best practices (for Lead management / Agent Management / Queue Management) within the system. The AutoRefi Platform literally eliminated the need to manage the workload of Agents and opened up the possibility of Advanced Dashboard & Advanced Notifications, allowing iLending Direct management to monitor their entire operation closely. It gave both managers and agents higher visibility and control of the overall process.
Key Features
Automated Lead Responses
Automated Rates Based on Eligibility
Automated Contract Management
Automated Loan Applications
Phone, Email, and SMS Integrations
Communication History Tracking

The ROI Is Simple

In addition to automating numerous tedious and error-prone manual processes previously done by CRM Users, the iLending app provided the ability to efficiently store all the required operational data (like lender rate cards and preferred lenders) and the dashboards and custom reporting required by managers for decision.
Number of loans closed per month
Key manual workflows replaced with automation

What the client had to say about the project.

FTM Logo
Mark Lindley
Director of IT
“One thing about the TechFabric team that stands out is their dedication and commitment. They’ve always been available even if it’s after hours or on the weekend -- if there’s an issue, they’ll respond. Honestly, I feel like they’re a part of our team, they act and behave that way as well. They’re not just a vendor.”
key takeaway

Automation Transforms Cycle Time

The Auto Refi Platform resulted in not only an improved bottom line for iLendingDirect, but also improvements in other important factors like security (SSL encryption and multifactor authentication), efficiency, productivity, visibility, control, and scalability. All of these factors combined to allow iLendingDirect to expand its footprint in the Auto Refinance Industry.

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